Weekly Updates Vol.1 (2018.11.3-2018.11.9)
Weekly Market Review
- Market Status quo
As of 12:00 GMT on Friday (November 9th), the total market cap of cryptocurrencies reaches $215.15B, and transaction volume of cryptocurrencies reaches $13.8B. Bitcoin’s price was at $6443.61, down 0.65% form 24 hours. Also, the price of USDT，the stable currency, was $ 0.998. Ethereum price was at $212.33,down 0.87%. Bitcoin cash price was at $575.01, down 1.87%. LTC price was at $52.43,down 1.72%. XRP price was at $0.508, down 1.36%. Dash price was at $162.98, down 4.6%.
- Market Analysis
BCH Price Rocked to More than 40%
Since November 3rd, BCH price rocketed quickly, and the price reached to $633.99 from $450, which has increased by 40%. Also, the trading volume has increased 4-5 times. There are several reasons – 1) BCH’s first hard fork will happen on November 15th, which is a positive factor stimulating the price increase; 2) the market has adjusted for this round of rising reserves of energy; 3) the rapid growth of trading volume accelerated price rise.
XRP‘s Market Cap Surpasses ETH
On November 6, the price of XRP rose quickly to $0.56, which had increased by 15%. Its market cap reached 22.5 billion and exceeded that of ETH.
Weekly Industry News
- Survey about South Africa, Malaysia, Indonesia Outpace Europe in Crypto Awareness and Ownership
On Nov.6, CCN published a survey commissioned by crypto firm, Luno, has found that the level of ownership and familiarity with cryptocurrencies was higher in Malaysia, Indonesia and South Africa compared to European markets. These three emerging markets enjoyed varying levels of cryptocurrency ownership at 40%, 39% and 29%, while the respective levels of familiarity were 63%, 57% and 69%, respectively. In contrast, the best-performing European market in the survey was Netherlands, where cryptocurrency ownership was at 27% and the level of cryptocurrency familiarity was at 39%. Other big economies in Europe such as France, Italy and Germany also performed poorly in comparison to the emerging markets of South Africa, Indonesia and Malaysia.
- Dash Launches SMS Payments Service in Venezuela
On Nov.6, according to Financemagnates, Dash has developed a mobile payments system – Dash Text – that allows users to send and receive the cryptocurrency by SMS. Users are able to send money to family and friends at a faster speed. They also do not have to worry about the money losing all of its value by the time it arrives in Venezuela. There are currently around 2,200 merchants locating in Venezuela that accept Dash as a form of payment.
- Russian State Duma Committee Considers Launch of Central Bank-Issued Stablecoin
According to Cointelegraph, the Chairman of Russia’s State Duma Committee on Financial Markets has claimed that the entity is considering the launch of state-backed cryptocurrency pegged to the Russian ruble. Russian radio news station Govorit Moskva reported that the implied coin will represent a blockchain-powered stablecoin pegged 1:1 to the ruble.
- Venezuela’s Supreme Court of Justice Recognized Petro Cryptocurrency as Legal Tender
Ethereum World News reported the Supreme Court of Justice had made the decision to order the implementation of the “Constituent Decree on Cryptoactives and the Sovereign Cryptocurrency Petro,” issued by the country’s highest legislative body, the National Constituent Assembly. In order for the Venezuela’s executive, legislative and judicial branch recognize Petro as legal tender, Venezuelan Supreme Court of Justice also ordered the execution of the Constituent Decree on Cryptoactives and the Sovereign Cryptocurrency Petro with the intention of guaranteeing the effective remedy and protecting the value of the amounts that are set as moral value.
- Securities Commission Malaysia to Regulate ICOs in 2019
According to FintechNews Malaysia, during the Budget 2019 speech, YB Lim Guan Eng, Finance Minister, stated that Securities Commission Malaysia will be coming up with a regulatory framework for cryptocurrencies, though not much details beyond the fact that it will be gazetted in 2019.In statement issued to Fintech News Malaysia, Securities Commission Malaysia confirms that they are indeed developing a regulatory framework for both ICOs and digital asset exchanges which will come into effect in the 1st quarter of 2019.
- The French Government Plans Income Tax on Cryptocurrencies
According to Les Echos, the French government plans an income tax amendment bill on cryptocurrencies next week, which is part of the finance bill (PLF) currently being discussed in the national assembly. Also, the new tax bill will apply from Jan 1, 2019.
- Mauritian Watchdog Eyes Licensing for Digital Asset Custodians
The Financial Services Commission (FSC) of Mauritius has published a draft regulatory framework for custodian services focused on digital assets. The document covers proposed requirements and operational and governance standards that would apply to the potential license holders. The regulator will gather opinions and public comments until November 30.